Infinity Softworks Palm Computing Platform - Manual (Page 10)

Loan Pro Lite 9 Infinity Softworks, Inc.
Examples
Example
Home Mortgage
Problem: A client wants to buy a $200,000 home with 35% down
and 7% interest. The loan is for 30 years. What is the monthly
payment?
Solution: Tap the variable’s label or amount to enter information
into the Input screen. The following should be entered:
Location Entry Comments
Clear… Clear the display before starting
Price 200000 The home’s price is $200,000
Down% 35 The client can put 35% down
Int Rate 7 The yearly interest rate is 7.0%
Loan Years 30 The loan is for 30 years
The payment timing and interest compounding are assumed to be 12. When completed, calculate
payment by tapping the “CPT” label to the right of the payment amount. The answer should be
$864.89 per month.